The director of trade in Dominica, Matthan Walter, has spoken on the recent fuel price hike in the country. He also spoke against the panic purchase of petroleum products and the factors responsible for the recent increase in the price of fuel products. The new price regime took effect from November 21.
According to Walter, the price of petrol increased from $14.99 per gallon to $15.94 per gallon – a 95 cents increase; the price of high-sulphur diesel increased from $15.57 to $16.72 per gallon; while the price of kerosene rose from $14.88 per gallon to $15.04 per gallon – an increase of 16 cents.
The trade minister blamed the fuel price hike on the underproduction of petroleum commodities by OPEC countries. He said OPEC member-states have been producing below their daily quota since the Russia-Ukraine war started. He also blamed COVID-19 factors, fears of economic recession, and a stronger dollar exchange rate for the increase in fuel prices.
While Walter discouraged panic buying of fuel and the long queues of vehicles at filling stations, he said this problem is due to unwarranted speculations on social media. He said Dominicans should get fuel information from the Ministry of Trade instead of relying on speculations on social media regarding fuel availability or scarcity in the country.
He warned against panic buying and hoarding of the commodity at homes. He said there is enough fuel to serve the needs of citizens throughout the year. He revealed that the major fuel importer into Dominica brings fuel into the country every 10 days, and that this importation schedule serves all fuel needs on the Island.
He urged everyone to trust the government and the importer to make fuel available in the country when it is due without resorting to panic buying. He disclosed that two vessels brought fuel and petroleum products into the country on November 21 and 22, and that more fuel is expected in the coming days. He said whether it is the Creole festival or during elections, there is enough fuel available to meet unprecedented demands across Dominica.
There is no need to [rush] to the pumps; there is no need to keep buying out stock and storing it at your homes. There is always going to be a flow of petroleum products in Dominica to meet consumer demands so there is no need to panic.
Matthan Walter, Director of Trade
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